Fortinet Reaches New 52-Week High on Better-Than-Expected Earnings (FTNT)
Fortinet (NASDAQ:FTNT)’s share price hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings, Stock Ratings Network reports. The company traded as high as $26.08 and last traded at $25.70, with a volume of 3,650,640 shares. The stock had previously closed at $24.03.
The company reported $0.11 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.10 by $0.01. The company had revenue of $184.10 million for the quarter, compared to the consensus estimate of $171.58 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The company’s quarterly revenue was up 24.9% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at JMP Securities reiterated a “market outperform” rating on shares of Fortinet in a research note on Thursday. They now have a $30.00 price target on the stock, up previously from $26.00. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Fortinet in a research note on Thursday. They now have a $28.00 price target on the stock, up previously from $25.50. Finally, analysts at RBC Capital raised their price target on shares of Fortinet from $26.00 to $28.00 in a research note on Thursday. They now have a “sector perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and an average target price of $26.50.
The stock’s 50-day moving average is $24.10 and its 200-day moving average is $22.43. The company has a market cap of $4.176 billion and a P/E ratio of 100.13.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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